When Jobs Harm Your Finances

We often think of jobs as what brings money in. And, of course, that’s what they are - but people don’t think enough about how much their job actually costs them. Your salary may look good, but when you consider all the costs that come with having that job, you may realize that your finances aren’t as strong as they once looked.

Commuting

This is often the first thing that people think about when the subject of job expenses comes up. It’s a particularly big problem for people who are working in big cities, where public transport can add up to tremendous amounts per month. Of course, some places are cheaper than others - if you think traveling around New York City is expensive, then you haven’t tried traveling around London - but there’s no doubt that these costs really do up to. There are few companies out there willing to reimburse you for everyday commute costs, so your daily commute is something you’re going to want to deduct from your monthly pay when it comes to planning your finances.

Injuries

While these hardly contribute to everyday costs (and if they do then you may want to consider a different line of work), they’re still worth baring in mind in states when medical care can take a huge toll on your wallet. Injuries in the workplace are more common than many people think, and I’m not just talking about the likes of construction work - even office jobs see injuries more frequently than many would guess. If you’re injured at work, then you may want to seek compensation to avoid having your personal finances harmed. You could seek it through means of insurance or your company’s HR department, but it might be a case of seeking outside means of getting advice after an accident happens.

Expensive healthcare and retirement plans

A lot of careers these days come with healthcare and pension plans that may not work to your benefit as much as you think. For employers, they’re often a great way of providing incentive to avoid leaving the company. They’re the ones who end up choosing these plans for you - and the plan that works out best for the company, from a financial point of view, may not necessarily be the best for you. Companies aren’t allowed to compel their employees to stick with certain plans, so you should review just how much benefit you’re getting from those plans and seek others if you feel you need to.

Food

If you’re working in a big city and don’t have much time to prepare your own meals, then the chances are you’re going to have to take advantage of one of several food outlets that probably surround your company’s building. The problem, of course, is that these are expensive. Over the course of a month, you may be shocked to see how much of your money is being spent on food. The solution, of course, is to prepare your own lunch at home and bring it in. Many workers feel pressured to go out and eat because that’s what their colleagues are doing - but when you think about the total costs, it simply may not be worth it.